Reinsurance News
India
India’s insurance and reinsurance market is dynamic and growing, a key location for global players and with an expanding domestic marketplace.
Read our India insurance or reinsurance news and analysis below.
Swiss Re backs disaster risk insurance scheme in Nagaland, India
31st March 2021
Swiss Re has been confirmed as the reinsurance partner to a new public-private disaster risk insurance scheme in the Indian state of Nagaland, which aims to increase the region’s climate resilience. The scheme is co-funded by InsuResilience Solutions Fund (ISF), an initiative managed by Frankfurt School of Finance and Management and ... Read the full article
Pandemic will help insurance penetration in long run: GIC Re’s Srivastava
26th March 2021
Devesh Srivastava, Chairman-cum-Managing Director at GIC Re, believes that despite its challenges the COVID-19 pandemic has increased awareness about insurance products and will help penetration in the long run. Speaking in an interview with Reinsurance News, Srivastava discussed the impact of the coronavirus crisis over the past year, as well as ... Read the full article
India’s ICICI Lombard to set up IFCS office in GIFT City
8th February 2021
Indian non-life insurer ICICI Lombard General Insurance has received approval from the International Financial Services Centre (IFSC) Authority to set up an IFSC Insurance Office (IIO) in GIFT City at Gandhinagar in Gujarat. The IIO will help ICICI Lombard to harness new opportunities in both insurance and reinsurance by offering solutions ... Read the full article
Indian insurers set to withstand economic downturn: Moody’s
25th January 2021
Moody’s has reported a relatively optimistic outlook for the Indian insurance sector given the economic downturn across the country resulting from the COVID-19 pandemic. The rating agency noted that insurance premium growth's deceleration has been limited, supported by strong demand for health coverage, favourable regulation and increased digitalisation Specifically, Moody’s expects general ... Read the full article
Indian crop market to sustain growth despite rate challenges: New Dawn Risk
21st December 2020
Given that market penetration is still very low, New Dawn Risk’s Aditya Singh continues to believe the Indian crop market will sustain its growth of 2020, despite current rate challenges. Singh, a treaty analyst at the Lloyd’s broker, says reinsurers are no longer participating on a market-wide basis, and are choosing ... Read the full article
India crop insurance reforms could transform profitability: New Dawn Risk
3rd November 2020
New Dawn Risk, a Lloyd’s broker has announced the release of its new report: Technology brings new opportunities for India's crop insurance scheme. The report details changes that have been made to the government-sponsored scheme during 2020, which are designed to make it more efficient and ultimately more attractive for the ... Read the full article
IRDAI identifies 3 new Domestic Systemically Important Insurers for 2021
29th September 2020
The Insurance Regulatory and Development Authority of India (IRDAI) has developed a methodology for the identification and supervision of Domestic Systemically Important Insurers (D-SIIs). This has been done through measuring the size of operations in terms of total revenue, including premium underwriting and the value of assets under management. D-SIIs refer to ... Read the full article
Indian regulator considers pandemic risk pool
22nd September 2020
India's re/nsurance sector regulator, the Insurance Regulatory and Development Authority (IRDAI), has suggested setting up a pandemic risk pool with a Rs 75,000 crore (USD 10.2 billion) backstop guarantee from the government. This is currently in the initial stages, with a view to help MSME workers and migrant labourers facing loss ... Read the full article
India’s insurance regulator (IRDAI) is exploring a pandemic risk pool
10th July 2020
The Insurance Regulatory and Development Authority of India (IRDAI) has established a nine-member working group to explore the possibility of establishing a pandemic risk pool. India is the latest country to reveal that it's exploring the launch of a pandemic risk pool to manage the risks related to reduced economic activity ... Read the full article
India looking at natural catastrophe risk pool: reports
1st June 2020
The Indian Government is reportedly looking into a pool-like structure that would offer natural catastrophe insurance coverage for perils such as floods, earthquakes, cyclones and landslides. A pool style scheme has been the topics of discussions for several years in India now, but plans have yet to be realised due to ... Read the full article
AM Best maintains negative outlook on Indian non-life market
29th May 2020
AM Best has opted to maintain its negative market segment outlook on India’s non-life insurance sector, owing to COVID-19 driven economic turbulence as well as other areas of uncertainty. Other key factors underpinning AM Best’s outlook include the non-life sector’s strong competition in India, poor pricing discipline in core business lines, ... Read the full article
Cyclone Amphan costs pegged at $13bn in India, Bangladesh
26th May 2020
Cyclone Amphan, which hit the Indian states of West Bengal and Odisha on May 20th, is expected to cause Rs 1 trillion (US $13 billion) of damage, and Rs 350 crore ($47 million) of insured losses, according to initial estimates. The cyclone made landfall in coastal areas as a Category 3 ... Read the full article
Pandemic an opportunity for reinsurance growth in India: Rohit Boda
26th May 2020
The COVID-19 pandemic presents many opportunities for the growth of reinsurance business in India, according to Rohit Boda, Managing Director of J.B. Boda Group, an insurance and reinsurance broker based in the country. Speaking in an interview with Reinsurance News, Boda noted that the contention around business interruption claims linked to ... Read the full article
Indian life insurance market set for 2020 decline off COVID-19: GlobalData
18th May 2020
Data and analytics company GlobalData expects the Indian life insurance industry to contract in 2020, declining by 0.9% compared to the 8.8% growth recorded in 2019. This revised forecast accounts for the aftermath of the global coronavirus pandemic. As per the latest data, the country's life insurance market is forecasted to grow ... Read the full article
Indian regulator bans insurers from adopting Capital Gearing treaties
1st April 2020
In a circular to all general, specialist, and health insurers in India, the Insurance Regulatory and Development Authority of India (IRDAI) has prohibited carriers from entering into any fresh Capital Gearing treaties, effective March 28th, 2020. Capital gearing concerns the volume of debt a company holds compared to its equity. According ... Read the full article
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